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Country Energy’S 3,000 Employees Are the Backbone of Our Business and the Foundation for Our Success

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Country Energy’S 3,000 Employees Are the Backbone of Our Business and the Foundation for Our Success POWERFUL STUFF Country Energy’s 3,000 employees are the backbone of our business and the foundation for our success. Their knowledge and experience is demonstrated through the strength of our network and the level of customer service we provide. The 2003-2004 Annual Report is testimony to our employees’ commitment to our corporate values – safety, teamwork, fun, accountability, excellence and enthusiasm. Rod Turner, second year apprentice lineworker, Walcha Field Service Centre. OUR ORGANISATION Country Energy is a leading Australian energy services We are a competitive energy retailer in five states and corporation owned by the New South Wales Government, territories, with a product range that includes electricity, with around 3,000 employees and 750,000 customers. natural and bottled gas, internet services and energy advice. We own Australia’s largest power supply network, with 185,000 kilometres of powerlines serving three quarters Country Energy’s commercial success is driven by business of New South Wales – from Bega to Tweed Heads, west decisions that meet local priorities and the needs of our to Bourke and south to the River Murray. customers, employees, stakeholders and shareholders. Country Energy’s retail operations span five states and territories, while our network operations cover country and coastal New South Wales. Far North Coast Region Northern Region North Western Region Mid North Coast Region Central Western Region South Western Region Riverina Region South Eastern Region ii COUNTRY ENERGY ANNUAL REPORT 2003–2004 CONTENTS Our Organisation ii High Performance 2 Our Focus Areas in 2003-2004 4 Going Beyond the Challenge: The Year in Review 6 A Leading National Retailer 8 The Best Network Manager 10 A Valued Part of the Community 14 An Employer of Choice 20 Acclaimed for Our Environmental Initiatives and Safety 24 Our Board 30 Our Executive 31 Corporate Governance 32 Financial Statements Contents 40 Independent Audit Report 41 Statement by Members of the Board 42 Customer Information 74 Glossary of Terms 75 Index 76 Company Details 78 COUNTRY ENERGY ANNUAL REPORT 2003–2004 1 HIGH PERFORMANCE THE BEST NETWORK MANAGER • Australia’s largest electricity network, across mountains, plains and deserts, with climates A LEADING NATIONAL RETAILER ranging from snow to extreme heat • Profitably acquiring new customers in five states and • 185,000 kilometres of powerlines, 1.33 million territories poles, 110,000 distribution substations and • Customer satisfaction rating of almost 85 per cent 115,000 street lights (May 2004 survey) • Invested $550 million in capital works projects • Blue chip customer base, with major customers between July 2001 and July 2004 and plan to including the world renowned Sydney Opera House, spend another $1.2 billion over the next five Melbourne’s Rialto Towers (the southern hemisphere’s years to continue to improve supply reliability tallest office tower), the CSIRO and Dairy Farmers and customer service 2 COUNTRY ENERGY ANNUAL REPORT 2003–2004 AN EMPLOYER OF CHOICE • 3,000 employees located in more than 130 customer and field service centres, as well as corporate offices in Bathurst, Port Macquarie and Queanbeyan, eight regional offices State wide and business centres in Sydney, Melbourne, Brisbane and Newcastle • Created more than 230 apprenticeships between July 2001 and June 2004, providing long-term employment in local communities A VALUED PART OF THE ACCLAIMED FOR COMMUNITY ENVIRONMENTAL • A decentralised structure, with no single head office, INITIATIVES AND SAFETY ensuring decisions are made locally • Dedication to becoming a world class safety organisation, • Twenty-three (23) new customer and field service highlighted by a strong safety culture, unique Peak Safety centres opened since July 2001, restoring local service Strategy Group, team-based approach to driving safety levels across the State and environmental improvements, innovative reporting system and well-established public safety program • Acclaimed Country Support hardship assistance initiative, and unique Rural Advisory Group and • Leading environmental sustainability and renewable Regional Advisory Boards, keeping us in touch with energy initiatives, with a focus on reducing greenhouse customer concerns gas emissions, the efficient use of energy, demand management and commercial partnerships • Extensive sponsorship programs, including a touring partnership with the Sydney Opera House, the $35,000 • Purchasing 100 per cent green energy for more than 340 Country Energy Art Prize for Landscape Painting and Country Energy sites support for hundreds of local events and community initiatives each year COUNTRY ENERGY ANNUAL REPORT 2003–2004 3 OUR FOCUS AREAS IN 2003-2004 • Customer satisfaction • Business efficiency • Reputation Energy is fundamental to home life and business activity. • Financial performance Meeting our customers’ energy requirements is a 24 hours-a-day, seven days-a-week job that requires skill and • Company culture dedication. The snapshot below provides an indication of our performance in doing that job – both our successes and areas where we intend to improve – in our focus areas for the year. During the year we established a Strategy Statement 2003-2004 to 2005-2006 – our blueprint for the future. The statement communicates our overall goals, values and priorities and has been translated into a CUSTOMER SATISFACTION set of measurable operational objectives, contained in • Final quarter domestic customer satisfaction rating corporate and divisional ‘dashboards’. of nearly 85 per cent – an improvement on The way forward in 2004-2005 involves a greater August 2003 emphasis on safety, employee development, business • Call centre service levels nine per cent below set target. performance and customer service. We will continue Our call centres receive around 5,000 calls on a normal day, to establish measures and targets that create a clear with more than 70 per cent of calls answered within common purpose across the business. 20 seconds Our dashboard provides a comprehensive framework 248 minutes that translates strategic objectives into a logical set of • Network reliability, at an average of lost per customer performance measures. The key performance indicators (SAIDI), bettered our target of are grounded by strategic objectives and set the platform 251 minutes for achieving our vision of becoming Australia’s leading Customer satisfaction remains a core priority in 2004-2005 utility business by 2006-2007. and is the focus of a major organisational initiative. More information on customer service from page 14. 4 COUNTRY ENERGY ANNUAL REPORT 2003–2004 BUSINESS EFFICIENCY • Invested $220 million in our network to cement reliability improvements, including $197 million for new and upgraded infrastructure • Customer ‘win to loss’ ratio 4 per cent above FINANCIAL PERFORMANCE target, with strong growth in the Victorian market • Profit after tax expense of $78.3 million • Customer retention rate of 99.07 per cent • 8.9 per cent return on assets – 2.1 per was more than four per cent above target cent above target • Retained more than 120 existing retail contracts See Financial report from page 40. throughout the year See retail developments from page 8 and network improvements from page 10. REPUTATION • 93 per cent brand awareness – three per cent above target • Exceeded Renewable Energy Credits target of 128,200 megawatt hours by 42 per cent • Sourced 100 per cent of green power sales from new renewable generators for last compliance period (1 July 2002 to 31 December 2003) Read about our renewable energy initiatives from page 24. COMPANY CULTURE • Rate of lost time injuries for every million hours worked (LTIFR) increased to 10.5 – 4.6 above target and up from 8.2 last year • Workforce grew to 3,000-plus, including 60 new apprentices in 2003-2004. Twenty one Indigenous apprentices and six Indigenous trainees appointed since 2002 • More than 600 employees recognised with Service Milestone awards for a collective 12,130 years of service • Implemented highly successful Powerful Staff Program Becoming a leader in safety remains a core objective of our corporate strategy. Our safety focus has been taken to a new level, with a major safety project adopted, full review conducted and creation of a Peak Safety Strategy Group to work with independent advisers specialising in safety and behavioural change Read about new employee development programs from page 20 and safety initiatives from page 24. COUNTRY ENERGY ANNUAL REPORT 2003–2004 5 GOING BEYOND THE CHALLENGE – THE YEAR IN REVIEW When Country Energy’s journey began in July 2001, million compared with the same period last year. For the we were set the challenge of improving service delivery third year running our after tax profit of $78.3 million was and reliability, viably competing against urban retailers, ahead of target. harnessing economies of scale and scope and promoting Country Energy’s commercial success is driven by business sustainable jobs growth. decisions that meet local priorities and the needs of our We have gone beyond the challenges set for us, towards customers, employees, stakeholders and shareholders. a position of industry leadership – a challenge we set for Our heartland is our customers and their communities. ourselves. To boost career opportunities and help people stay in This year we have taken huge strides towards achieving their local communities we recruited an additional 60 our strategic goal of delivering a safe and reliable service apprentices
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